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Taking part in another episode of CNBC’s Squawk Box, the chief of SkyBridge Capital and the company’s Bitcoin fund set up on January 4, stated that he likes Ethereum, however, his company is forced to be focused on Bitcoin so far.
“ETH has good fundamentals and it will grow”
Answering to the anchor about what he thinks of Ethereum, Scaramucci admitted that he does like the second biggest cryptocurrency.
The anchor Andrew Sorkin introduced his question about Ethereum, saying that ETH provides the basis for NFTs and “many things that may happen in the future, which require Ethereum, and not Bitcoin”, calling this ETH’s value proposition.
Scaramucci replied believes that there is a big market for Ethereum, it has good fundamentals and he predicted that ETH will grow.
However, since his institutional clients can be lured into crypto only via Bitcoin, it is only BTC so far that his crypto fund deals with and offers to its investors.
However, in the future, he admitted, SkyBridge Capital could have an Ethereum fund as well. ETH can actually turn into a “sticky cryptocurrency” in the future, Scaramucci said, and even can become a store of value.
Here’s how Scaramucci pitches Bitcoin to SkyBridge customers
When talking to another CNBC host about Bitcoin, Scaramucci shared how he pitches the flagship crypto to his fund’s clients.
Rather than saying that BTC is only a new store of value/inflation hedge or a new asset class, he reminds them that money has always been a technology to help us avoid barter. Bitcoin is the future of this technology, he says.
Another USP of Bitcoin he explains to investors is that today’s children will be comfortable to make transactions in Bitcoin and Ethereum, rather than cash. Besides, millennials already prefer crypto as an investment tool to traditional assets and gold in particular.